UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] Quarterly Report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the quarterly period ended December 31, 2002
[ ] Transition Report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
For the transition period from _____ to _____
Commission File Number 1-10869
UQM TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Colorado 84-0579156
(State or other jurisdiction of incorporation of organization) (I.R.S. Employer Identification Number)
7501 Miller Drive, Frederick, Colorado 80530
(Address of principal executive offices) (Zip Code)
(303) 278-2002
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No .
The number of shares outstanding (including shares held by affiliates) of the registrant's common stock, par value $0.01 per share at January 30, 2003 was 18,844,515.
Consolidated balance sheets as of December 31, 2002 and March 31, 2002
Consolidated statements of operations for the quarter and nine months ended December 31,
Consolidated statements of cash flows for the nine months ended December 31, 2002 and
Notes to consolidated financial statements
Item 2. Management’s discussion and analysis of financial condition and results of operations
Item 3. Quantitative and qualitative disclosures about market risk
Item 4. Controls and Procedures
Item 6. Exhibits and reports on Form 8-K
Certification of William G. Rankin, Chief Executive Officer
Certification of Donald A. French, Chief Financial Officer
Sarbanes-Oxley Act of 2002
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
| Assets Current assets: Cash and cash equivalents Accounts receivable (note 7) Costs and estimated earnings in excess of billings on uncompleted contracts (note 2) Inventories (notes 3 and 7) Prepaid expenses Equipment of discontinued operations held for sale, net (note 8) Other Total current assets Property and equipment, at cost: Land Building Machinery and equipment
Less accumulated depreciation Net property and equipment Patent and trademark costs, net of accumulated amortization of $257,524 and $219,084 Other assets |
December 31, 2002 (Unaudited) $ 2,157,330 2,087,501
262,570 2,944,497 190,453
- - 7,642,351
181,580 2,296,957 7,000,198 9,478,735 (4,693,342) 4,785,393
779,384 24,205
$ 13,231,333 |
March 31, 2002
1,411,509 2,662,554
442,213 4,636,312 220,528
1,253,432 130,934 10,757,482
181,580 1,247,265 8,622,471 10,051,316 (5,482,194) 4,569,122
757,059 45,872
16,129,535 (Continued) |
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets, Continued
| Liabilities and Stockholders'
Equity Current liabilities: Accounts payable Other current liabilities (note 4) Current portion of deferred gain on sale of real estate Current portion of long-term debt Term debt and accrued future losses of discontinued operations (note 8) Revolving line-of-credit (note 5) Billings in excess of costs and estimated earnings on uncompleted contracts (note 2) Total current liabilities Long-term debt, less current portion Total liabilities Stockholders’ equity (notes 6 and 12): Common stock, $.01 par value, 50,000,000 shares authorized; 18,844,467 and 17,679,848 shares issued and outstanding Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Note receivable from officer Total stockholders’ equity Commitments (note 11)
|
December 31, 2002 (Unaudited)
831,812 - 114,664
- -
523,540 2,981,245 1,102,422 4,083,667
188,444 55,885,349 (46,516,388) (384,300) (25,439) 9,147,666
$ 13,231,333 |
March 31, 2002
2,693,312 568,554 322,139 562,043
789,960 2,254,000
382,739 7,572,747 1,108,023 8,680,770
176,798 51,444,359 (43,757,378) (384,300) (30,714) 7,448,765
16,129,535 |
See accompanying notes to consolidated financial statements.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited)
| Quarter Ended December 31, Nine Months Ended December 31, | ||||
| 2002 | 2001 | 2002 | 2001 | |
| Revenue (note 7): Contract services Product sales
Operating costs and expenses: Costs of contract services Costs of product sales Research and development General and administrative Amortization of goodwill Write-down of assets
Loss from continuing operations before other income (expense) Other income (expense): Interest income Interest expense Gain on sale of assets
Loss from continuing operations
Discontinued operations (note 8): Loss from operations of discontinued gear division Loss on disposal of gear division including operating losses during phase-out period
Net loss
Net loss per common share- basic and diluted (note 9): Continuing operations Discontinued operations
Weighted average number of shares of common stock outstanding-basic and diluted (note 9) |
$ 837,769 2,864,068 3,701,837
719,831 3,232,954 - 919,045 - 100,113 4,971,943
(1,270,106) 6,099 (15,463) 6,135 (3,229)
(1,273,335)
-
-
- $ (1,273,335)
- $ (.07)
|
888,736 4,277,233 5,165,969
640,951 4,161,723 16,450 938,807 67,587 - 5,825,518
(659,549) 14,003 (95,273) 161,069 79,799
(579,750)
-
-
- (579,750)
- (.03)
|
2,225,811 10,321,589 12,547,400
1,931,419 10,359,600 111,408 2,911,764 - 100,113 15,414,304
(2,866,904) 21,591 (46,366) 317,640 292,865
(2,574,039)
-
(184,971)
(184,971) (2,759,010)
(.01) (.15)
|
2,206,011 14,691,239 16,897,250
1,602,249 13,563,029 87,194 2,955,170 202,761 - 18,410,403
(1,513,153) 58,300 (292,801) 212,444 (22,057)
(1,535,210)
(644,650)
(1,676,450)
(2,321,100) (3,856,310)
(.13) (.22)
|
See accompanying notes to consolidated financial statements.
UQM TECHNOLOGIES, INC AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited)
|
Nine Months Ended December 31, 2002 2001 |
||
| Cash flows from operating
activities of continuing operations: Loss from continuing operations Adjustments to reconcile loss from continuing
operations to Depreciation and amortization Gain on sale of real estate Write-down of assets Non-cash compensation expense for stock options Loss on disposal of property and equipment Change in operating assets and liabilities: Accounts
receivable and costs and estimated Inventories Prepaid expenses and other current assets Accounts payable and other current liabilities Billings
in excess of costs and estimated earnings Net cash provided by operating activities of continuing operations Cash flows from investing activities of continuing operations: Acquisition of property and equipment Expansion of building Increase in patent and trademark costs Net cash used by investing activities of continuing operations |
$ (2,574,039)
1,038,116 (322,139) 100,113 8,320 18,111
527,428 1,691,815 182,676 (690,301) 140,801
120,901
(284,479) (1,049,692) (60,765)
|
(1,535,210)
1,175,255 (268,927) - 9,558 6,493
1,502,364 1,424,838 (42,014) (55,010) 41,034
2,258,381
(496,468) - (50,078)
(Continued) |
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
(unaudited)
Nine Months Ended December 31, 2002 2001 |
||
| Cash flows from financing
activities of continuing operations: Repayments on revolving line-of-credit, net Repayment of debt Proceeds from borrowing Issuance of common stock in secondary offering, net of offering costs Issuance of common stock upon exercise of employee options, net of note repayments Issuance of common stock under employee stock purchase plan Issuance of common stock upon exercise of warrants Net cash provided (used) by financing activities of continuing operations Increase in cash and cash equivalents from continuing operations Net cash provided (used) by discontinued operations Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Interest paid in cash during the period |
$ (2,254,000) (1,677,980) 1,225,000
4,435,212
5,275
9,104 -
1,742,611
468,576 277,245 745,821 1,411,509 $ 2,157,330 $ 71,566 |
(1,217,000) (715,712) -
-
487,626
15,874 105,007
(1,324,205)
387,630 (531,868) (144,238) 2,399,006 2,254,768 303,355 |
Non-Cash Investing and Financing Transactions:
In accordance with the provisions of the Company’s stock option plans, the Company accepts as payment of the exercise price, mature shares of the Company’s common stock held by the option holder for a period of six months prior to the date of the option exercise. For the nine months ended December 31, 2001, the Company issued 64,360 shares of common stock for options exercised with an aggregate exercise price of $234,875, for which the Company received 36,302 shares of common stock in payment of the exercise price. The shares received were recorded at cost as treasury stock and were subsequently retired.
See accompanying notes to consolidated financial statements.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(unaudited)
(1) The accompanying consolidated financial statements are unaudited; however, in the opinion of management, all adjustments, which were solely of a normal recurring nature, necessary to a fair presentation of the results for the interim periods, have been made. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year. The Notes contained herein should be read in conjunction with the Notes to the Company’s Consolidated Financial Statements filed on Form 10-K for the year ended March 31, 2002.
(2) At December 31, 2002, the estimated period to complete contracts in process ranged from 1 to 10 months, and the Company expects to collect substantially all related accounts receivable arising therefrom within eleven months. Contracts in process consists of the following:
December 31, 2002 (unaudited) |
March 31, 2002 |
|
| Costs incurred on uncompleted
contracts Estimated earnings Less billings to date
Included in the accompanying balance sheets as follows: Costs and estimated earnings in excess of billings on uncompleted contracts Billings in excess of costs and estimated earnings on uncompleted contracts |
$ 1,632,030 541,862 2,173,892 (2,434,862) $ (260,970)
$ (260,970) |
2,486,598 1,025,313 3,511,911 (3,452,437) 59,474
59,474 |
(3) Inventories consist of:
December 31, 2002 (unaudited) |
March 31, 2002 |
|
| Raw materials Work in process Finished products |
$ 2,284,010 250,980 409,507 $ 2,944,497 |
3,494,195 878,699 263,418 4,636,312 |
The Company’s raw material inventory is subject to obsolescence, the possibility that certain components may become unusable due to design changes by customers, or unusable due to customers’ inability to honor their obligations to purchase from the Company. The Company periodically assesses its inventory for recovery of its carrying value based on available information, expectations and estimates and establishes reserves for estimated declines in the realizable value of its inventories. At December 31, 2002, the Company has recorded a reserve of $1,110,494 which is reflected in the above table ($576,998 at March 31, 2002). There can be no assurance that future events and information will not cause this reserve to be adjusted.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
(unaudited)
(4) Other current liabilities consists of:
December 31, 2002 (unaudited) |
March 31, 2002 |
|
Accrued legal and accounting fees Accrued payroll and employee benefits Accrued personal property and real estate taxes Accrued warranty costs Accrued raw material purchases Accrued losses on engineering contracts Other |
$ 63,600 163,206 158,948 63,991 117,050 130,366 134,651 $ 831,812 |
134,200 210,504 106,109 35,169 - - 82,572 568,554 |
(5) Revolving line-of-credit
The Company had a $4.0 million line-of-credit of which $2.25 million was outstanding at March 31, 2002 and term equipment loans at March 31, 2002 of $1.12 million. The amounts outstanding were repaid and the facilities expired on May 15, 2002. The Company also had a $0.4 million line-of-credit with a second commercial bank that expired on July 31, 2002.
(6) Common Stock Options and Warrants
Incentive and Non-Qualified Option Plans
The Company has reserved 1,492,500 shares of common stock for key employees, consultants and key suppliers under its 2002 Equity Incentive Plan. Under the plan, the exercise price of each option is set at the fair market value of the common stock on the date of grant and the maximum term of an option is 10 years from the date of grant. Options granted to employees vest ratably over a three-year period. The maximum number of options that may be granted to any eligible employee in a calendar year under the 2002 Plan is 500,000 options. Options granted under the 2002 Plan to employees require the option holder to abide by certain Company policies, which restrict their ability to sell the underlying common stock. Prior to the adoption of the 2002 Equity Incentive Plan the Company issued stock options under its 1992 Incentive and Non-qualified Option Plan.
The following table summarizes activity under the plans for the nine months ended December 31, 2002:
Shares Under Option |
Weighted-Average Exercise Price |
|
| Outstanding at March 31, 2002 Granted Forfeited Outstanding at December 31, 2002 Exercisable at December 31, 2002 |
2,766,196 7,500 (286,396) 2,487,300 1,783,575 |
$5.87 $3.59 $5.66 $5.89 $6.01 |
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
(unaudited)
The following table presents summarized information about stock options outstanding at December 31, 2002:
| Options Outstanding | Options Exercisable | ||||
|
|
Weighted |
Weighted |
|
Weighted |
| $3.31 - 3.31 $3.59 - 5.00 $6.25 - 8.75 $3.31 - 8.75 |
303,198 935,508 1,248,594 2,487,300 |
4.1
years 6.3 years 5.1 years 5.4 years |
$3.31 $4.28 $7.72 $5.89 |
303,198 525,652 954,725 1,783,575 |
$3.31 $4.39 $7.77 $6.01 |
Non-Employee Director Stock Option Plan
In February 1994, the Company’s Board of Directors ratified a Stock Option Plan for Non-Employee Directors pursuant to which directors may elect to receive stock options in lieu of cash compensation for their services as directors. The Company has reserved 500,000 shares of common stock for issuance pursuant to the exercise of options under the Plan. The options are exercisable from 3 to 10 years from the date of grant. Option prices are equal to the fair market value of common shares at the date of grant.
The following table presents summarized activity under the plan for the nine months ended December 31, 2002:
Shares Under Option |
Weighted-Average Exercise Price |
|
| Outstanding at March 31, 2002 Granted Forfeited Outstanding at December 31, 2002 Exercisable at December 31, 2002 |
54,136 16,484 (9,275) 61,345 59,417 |
$5.94 $2.55 $4.25 $5.29 $5.20 |
The following table presents summarized information about stock options outstanding for non-employee directors:
| Options Outstanding | Options Exercisable | ||||
|
|
Weighted |
Weighted |
|
Weighted |
| $2.55 – 5.06 $5.85 – 8.00 $2.55 – 8.00 |
32,484 28,861 61,345 |
4.1
years 3.3 years 3.7 years |
$3.79 $6.98 $5.29 |
32,484 26,933 59,417 |
$3.79 $6.91 $5.20 |
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
(unaudited)
Statement of Financial Accounting Standards No. 123, Accounting for Stock-Based Compensation ("SFAS 123") defines a fair value method of accounting for employee stock options and similar equity instruments. SFAS 123 permits an entity to choose to recognize compensation expense by adopting the fair value method of accounting or continue to measure compensation costs using the intrinsic value methods prescribed by APB 25. The Company accounts for stock options granted to employees and directors of the Company under the intrinsic value method. Stock options granted to non-employees under the Company’s Stock Option Plans are accounted for under the fair value method. Had the Company reported compensation costs as determined by the fair value method of accounting for option grants to employees and directors, net loss and net loss per common share would have been the pro forma amounts indicated in the following table:
| Quarter Ended December 31, Nine Months Ended December 31, | ||||
| 2002 | 2001 | 2002 | 2001 | |
| Net loss, as reported Deduct: Total stock-based employee compensation expense determined under fair value method for all awards, net of related tax effects: Current period option grants Prior period option grants Pro forma net loss
Earnings per share: Basic-as reported Basic-pro forma Diluted-as reported Diluted-pro forma |
$ (1,273,335)
- (293,035) $ (1,566,370)
$(.08) $(.07) $(.08) |
(579,750)
(1,463) (323,527) (904,740)
(.05) (.03) (.05) |
(2,759,010)
(9,950) (885,239) (3,654,199)
(.19) (.15) (.19) |
(3,856,310)
(3,963) (1,021,383) (4,881,656)
(.28) (.21) (.27) |
The fair value of stock options granted was calculated using the Black Scholes option-pricing model based on the following weighted average assumptions:
| Quarter Ended December 31, Nine Months Ended December 31, | ||||
| 2002 | 2001 | 2002 | 2001 | |
Expected volatility Expected dividend yield Risk free interest rate Expected life of options granted Fair value of options granted as computed under the Black Scholes option-pricing model |
- - - -
- |
48.4% 0.0% 4.5% 6 years
$2.34 per share |
48.7% 0.0% 3.1% 4 years
$1.24 per share |
48.1% 0.0% 4.3% 4 years
$2.23 per share |
No options were granted during the quarter ended December 31, 2002.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
(unaudited)
Future pro forma compensation cost by fiscal year, assuming no additional grants by the Company to employees and directors, is as follows:
Fiscal Year Ended March 31, |
Pro Forma Compensation Expense |
2003 2004 2005 2006 |
$ 215,657 $ 675,185 $ 222,172 $ 1,225 |
Warrants
In April 2002, the Company completed a secondary offering of 1,160,095 shares of common stock together with two-year warrants to acquire an additional 232,019 shares of the Company’s common stock. The warrants have an exercise price of $5.73 per share. All of the warrants were outstanding at December 31, 2002.
The Company completed a private placement in fiscal 1998 of 750,000 units consisting of one common share and one warrant with an exercise price of $8.00 per share. During fiscal 2002, warrants to purchase 188,250 shares of common stock were extended for a period of two years at the fair value of such extensions resulting in cash proceeds to the Company of $105,007. The extended warrants expire in October, 2003. All of the extended warrants were outstanding at December 31, 2002.
(7) Significant Customers
The Company has historically derived significant revenue from a few key customers. The customers from which more than 10% of total revenue has been derived and the percentage of revenue is summarized as follows:
|
||||
| Quarter Ended December 31, | Nine Months Ended December 31, | |||
| 2002 | 2001 | 2002 | 2001 | |
| Tyco International Invacare Corporation Percentage of total revenue |
$ 800,025 1,123,863 $ 1,923,888 52% |
1,215,880 1,051,340 2,267,220 44% |
2,991,040 3,390,283 6,381,323 51% |
4,023,295 3,100,715 7,124,010 42% |
These customers also represented 54% and 23% of total accounts receivable at December 31, 2002 and 2001, respectively. Tyco International is a customer of the Company’s electronic products segment and Invacare Corporation is a customer of the mechanical products segment. The Company’s electronic products segment manufactures products to customers’ design specifications as a contract manufacturer. As such, the Company purchases inventory on behalf of customers based on the understanding that the customer is financially obligated in the event their production order with the Company is cancelled or otherwise not fulfilled. The amount of raw materials inventory held for Tyco International amounted to approximately $0.4 million as of December 31, 2002. Inventories consisting of raw materials and finished goods for Invacare Corporation were approximately $0.3 million as of December 31, 2002.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
(unaudited)
Contract services revenue derived from contracts with agencies of the U.S. Government and from sub-contracts with U.S. Government prime contractors totaled $236,351 and $266,037 for the quarter ended December 31, 2002 and 2001, respectively, and $779,146 and $706,464 for the nine months ended December 31, 2002 and 2001, respectively.
(8) Discontinued Operations
In October 2001, the Company formalized a plan to close its contract gear manufacturing business, which was part of its mechanical products segment.
The operating results of this division for the quarter ended December 31, 2002 and 2001 have been reported separately as discontinued operations together with losses on the disposal of division assets. Loss from operations of discontinued gear division also includes interest expense on debt used to acquire gear manufacturing machinery and equipment but does not include allocations of general corporate overhead which have been allocated to other business segments. All prior periods presented have been restated to reflect the contract gear manufacturing division as a discontinued operation.
Net sales and net loss from the discontinued gear division are shown in the following table. Losses for the quarter ended December 31, 2001 were applied as a reduction of the liability for accrued future losses of discontinued operations.
Quarter Ended December 31, 2002 2001 |
Nine Months Ended December 31, 2002 2001 |
|||
| Net sales Net loss |
$ - $ - |
424,824 (83,282) |
127,239 (184,971) |
1,123,223 (2,321,100) |
Assets and liabilities of the discontinued gear division were as follows:
December 31, 2002 (unaudited) |
March 31, 2002 |
|
Accounts receivable, inventories and other assets Property and equipment, net Total assets Accounts payable and other liabilities Accrued future losses of discontinued operations Term debt Total liabilities Net assets of discontinued gear division |
$ - - - - - - - $ - |
227,268 1,253,432 1,480,700 228,525 338,288 451,672 1,018,485 462,215 |
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
(unaudited)
(9) Earnings per Share
Net loss per common share amounts are based on the weighted average number of common shares outstanding during the quarter and nine months ended December 31, 2002 and 2001. Outstanding common stock options and warrants were not included in the computation because the effect of such inclusion would be antidilutive. As of December 31, 2002, the Company had outstanding options to purchase 2,548,645 shares of its common stock and warrants to purchase 420,269 shares of its common stock. Dilutive options and warrants determined under the treasury stock method to acquire 1,212 shares and 1,679 shares of common stock for the quarter and nine months ended December 31, 2002, respectively, were not included in the computation of diluted loss per share because to do so would be antidilutive.
(10) Segments
The Company has three reportable segments: technology, mechanical products and electronic products. The technology segment encompasses the Company’s technology-based operations including core research to advance its technology, application engineering and product development and job shop production of prototype components. The mechanical products segment encompasses the manufacture and sale of permanent magnet motors.
As discussed in note 8 the Company discontinued its gear operations in fiscal year 2002 and accordingly the financial results of this operation are no longer reported in continuing operations of the mechanical products segment in all periods presented. The electronic products segment encompasses the manufacture and sale of wire harness assemblies, electronic printed circuit board assemblies and electronic products. Salaries of the executive officers and corporate general and administrative expense are allocated equally to each segment. Corporate selling and marketing costs are allocated to each segment based on usage.
Intersegment sales or transfers were $30,405 and $38,488 for the quarter ended December 31, 2002 and 2001, respectively, and $89,838 and $103,422 for the nine months ended December 31, 2002 and 2001, respectively, and were eliminated upon consolidation.
The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each business requires different business strategies.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
(unaudited)
The following table summarizes significant financial statement information for operations of each of the reportable segments for the quarter ended December 31, 2002:
Technology |
Mechanical Products |
Electronic Products |
Total |
|
| Revenue Interest income Interest expense Depreciation and amortization Earnings (loss) from continuing operations Net earnings (loss) Assets of continuing operations Assets of discontinued operations Total segment assets Expenditures for segment assets |
$ 1,117,812 5,910 - (73,165)
(85,243) (85,243) 4,581,759 - 4,581,759 $ (83,250) |
1,110,452 189 (15,463) (54,634)
55,547 55,547 3,610,763 - 3,610,763 (81,608) |
1,473,573 - - (217,750)
(1,243,639) (1,243,639) 5,038,811 - 5,038,811 - |
3,701,837 6,099 (15,463) (345,549)
(1,273,335) (1,273,335) 13,231,333 - 13,231,333 (164,858) |
The following table summarizes significant financial statement information for operations of each of the reportable segments for the quarter ended December 31, 2001:
Technology |
Mechanical Products |
Electronic Products |
Total |
|
| Revenue Interest income Interest expense Depreciation and amortization Goodwill amortization Earnings (loss) from continuing
Net earnings (loss) Assets of continuing operations Assets of discontinued operations Total segment assets Expenditures for segment assets |
$ 904,687 11,996 - (79,228) -
136,137 136,137 5,240,183 - 5,240,183 $ (39,399) |
1,051,340 2,007 (15,287) (42,747) -
(51,192) (51,192) 2,585,434 2,007,370 4,592,804 (2,226) |
3,209,942 - (79,986) (215,900) (67,587)
(664,695) (664,695) 12,553,451 - 12,553,451 (59,541) |
5,165,969 14,003 (95,273) (337,875) (67,587)
(579,750) (579,750) 20,379,068 2,007,370 22,386,438 (101,166) |
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
(unaudited)
The following table summarizes significant financial statement information for operations of each of the reportable segments for the nine months ended December 31, 2002:
Technology |
Mechanical Products |
Electronic Products |
Total |
|
| Revenue Interest income
|